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Hexcel (HXL) Q1 FY2024 earnings: revenue $472 million, up 3.2% on the year

Hexcel Corp. (HXL) reported revenue of $472 million for Q1 FY2024, the quarter ended 31 March 2024, up 3.2% on the same quarter a year earlier. Net income was $36 million, down 14.5% on the year. The figures are the company's own, from the 10-Q it filed with the SEC on 22 April 2024.

Revenue$472 millionup 3.2%
Net income$36 milliondown 14.5%
Diluted EPSn/a
QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

LineQ1 FY2024Q4 FY2023A year earlierChange on the year
Revenue472458n/an/a
Cost of revenue354354n/an/a
Gross profit118103n/an/a
Gross margin25.0%22.5%n/a
Research and development15.112.1n/an/a
Selling, general and administrative49.041.9n/an/a
Operating income52.947.6n/an/a
Operating margin11.2%10.4%n/a
Interest expense6.57.6n/an/a
Pre-tax income46.4-31.6n/an/a
Income tax9.9-10.4n/an/a
Effective tax rate21.3%n/an/a
Net income36.5-18.2n/an/a
Net margin7.7%-4.0%n/a
Diluted EPSn/a-$0.21n/an/a
$ million except per share.
Read moreFourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

LineQ1 FY2024Q4 FY2023A year earlierChange on the year
Operating cash flow-7.0159n/an/a
Capital expenditure28.713.8n/an/a
Free cash flow-35.7145n/an/a
Free cash flow margin-7.6%31.7%n/a
Cash from investing-28.730.9n/an/a
Cash from financing-104-62.9n/an/a
Depreciation and amortisation31.031.6n/an/a
Share-based compensation13.12.6n/an/a
Buybacks101n/an/an/a
Dividends paid12.610.5n/an/a
Dividend per share$0.15n/an/an/a
Diluted shares, weighted85m84mn/an/a
Shares outstanding at period end83m84mn/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ1 FY2024Q4 FY2023A year earlierChange on the year
Shareholders' equity1,6321,716n/an/a
Debt715699n/an/a
Operating lease liabilitiesn/a22.0n/an/a
Finance lease liabilitiesn/a0.1n/an/a
Other liabilities474480n/an/a
Total liabilities and equity2,8212,918n/an/a
Fixed assets1,6581,679n/an/a
Goodwill188189n/an/a
Intangible assets60.958.5n/an/a
Cash and equivalents85.9227n/an/a
Receivables271235n/an/a
Inventory354334n/an/a
Other assets204196n/an/a
Total assets2,8212,918n/an/a

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025 †Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue420458472500456474456490456491502529
Cost of revenue328354354374350355354378356370367391
Gross profit91.610311812710611810211299.9121135138
Gross margin22%23%25%25%23%25%22%23%22%25%27%26%
R&D13.412.115.114.713.813.513.814.314.014.317.817.3
SG&A35.441.949.039.939.847.943.343.041.141.649.447.2
Operating income43.647.652.971.852.58.944.230.036.061.457.672.6
Operating margin10%10%11%14%12%2%10%6%8%12%11%14%
Interest expense7.87.66.58.18.58.17.89.19.211.611.812.0
Pre-tax income35.8-31.646.463.744.00.836.0n/an/an/a45.5n/a
Tax rate-2%n/a21%22%10%-625%20%n/an/an/a18%n/a
Net income38.7-18.236.550.039.85.828.913.520.646.437.249.3
Net margin9%-4%8%10%9%1%6%3%5%9%7%9%
Diluted EPSn/a-$0.21n/an/a$0.49$0.07$0.35$0.17$0.26$0.60$0.49$0.64
Operating cash flow68.0159-7.044.290.1163-28.523.311012619.077.7
Capital expenditure19.613.828.722.916.818.626.115.313.718.225.219.7
Free cash flow48.4145-35.721.373.3144-54.68.096.5107-6.258.0
Buybacksn/an/a10110150.40.050.450.50.03530.00.0
Dividends paid10.610.512.612.412.212.113.813.713.512.913.713.6
Shares outstanding84m84m83m81,748,036m81m81m80m80m80m76m75m76m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 22 April 2024, accession 0000950170-24-046457: the filing on EDGAR. All of Hexcel Corp.'s filings: EDGAR company page.

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